As I predicted long before anyone else got on board, the Federal Reserve wasn’t able to raise interest rates in October. And it didn’t say anything about jacking them up at its next meeting in December either.

Let me make a prediction now: The Fed won’t have another chance to raise rates until seasonal anomalies in government statistics next spring make the economy look better than it really is.

But that’s not the real story that came out of the Fed’s policy-making meeting this week. This is: The Fed remains delusional.

In its statement, the Fed said the economy was expanding “at a moderate pace” and “household spending and business fixed investment has been increasing at solid rates in recent months.”